How to buy Consumer Durables on EMI without Credit card?

Buying durables and lifestyle products on EMI is the latest trend in the market. Gone are the days when people used to save for months and then go ‘all in’ to purchase an electronic appliance. Moreover, an EMI card in India has made shopping more accessible as it offers no-cost EMI for a long tenure than mainstream offerings.

Being a gadget lover, I always tend to keep an eye on the latest technology and gadgets. But, it is a well-known fact that these gadgets and appliances come with a price. With a high price, it’s not feasible for everyone to go all in, so this is where the concept of EMI steps in.

What is an EMI card?

An EMI card works as a pre-approved loan helping you to purchase any durable and lifestyle product of your choice. In recent years, it has become a popular and effortless way of making purchases, making the entire process smooth. When you buy an EMI card, remember that it can be used for online and offline purchases.

It’s been around four months that I have been using an EMI card. I went for it as I was planning to purchase a new laptop that cost Rs 1,19,990. Now, is there any point in giving this hefty amount in one go when you can pay some part each month without any interest?

(Note: I went for the Bajaj Finserv EMI card as it offered no-cost EMI for nine months)

What is the difference between an EMI card and a Credit Card?

Purchasing products on EMI is accessible from both an EMI card and a Credit Card. But shopping on EMI without credit card and instead going with the EMI card is one of the wisest decisions one can make.

The difference between them is that an EMI card is a pre-approved loan in your wallet, and you can avail the loan facility to purchase any product of your choice. Whereas a credit card is an instrument issued by a financial institution that lets you purchase products on credit where the interest rate charges are usually very high.

Meanwhile, while the credit card offers a maximum of six months of no-cost EMI, EMI cards offer a long tenure. Further, for an EMI card, there are simple eligibility requirements, while for a Credit card, it is mandatory to have a good credit score. So, it is highly advisable to opt for without credit card EMI shopping and instead go for the EMI one.

How to get an EMI card in India?

Here, I’ll share my personal experience as I have been using the Bajaj Finserv EMI card for the past four months. Although, you are free to choose whatever suits you.

1. Download the Bajaj Finserv application on your smartphone. It is available on the Play Store (Android) and App Store (iPhone).

2. Once you log in, you’ll see the option for EMI Network Card under the ‘Products for you’ section on the homepage.

3. Click on it and click on Get it now.

4. Enter all the required details and proceed

To avail this card, your age should not be less than 21 years and not more than 60 years. Secondly, the most important one is that you should have a regular source of income.

So, if you are planning to buy electronics on EMI, don’t go for a credit card as it has a short no-cost EMI tenure and charges a higher interest rate.


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